North America's largest lithium mine is going full steam ahead, having just secured a $2.26 billion loan

Great news for electric vehicles: Lithium Nevada got the green light for a $2.26 billion loan from the U.S. Department of Energy to finance a lithium carbonate processing plant.

Once operational, the Thacker Pass mine and processing plant in Humboldt County will become North America's largest source of lithium for electric vehicle batteries.

The Thacker Pass processing plant will produce approximately 40,000 tons of lithium carbonate per year for use in lithium-ion batteries for electric vehicles. This is enough for up to 800,000 EVs. The project's goal is to eventually produce 80,000 metric tons per year.

Construction on the Thacker Pass mine site began in March 2023 after Lithium Nevada won a lawsuit against ranchers, environmentalists and indigenous communities. Once the loan closes, the three-year construction process will begin.

If completed, the loan will be provided through advanced technology vehicle manufacturing (I agree) Loan program.

The mega project is expected to create approximately 1,800 jobs during construction and 360 jobs in operations.

GM is expected to be the main buyer of lithium carbonate for the project in the long term. The automaker invested $650 million in Thacker Pass in 2023, making it the largest shareholder in Lithium Nevada's parent company, Lithium Americas.

“Development of this project will strengthen domestic battery supply chains and reduce reliance on unreliable foreign sources,” DOE's Office of Loan Programs says in the Thacker Pass loan announcement.

The mine and processing plant are expected to be fully operational in 2028.

Read more: Harvard University has developed a solid-state battery that charges within minutes

If you're considering going solar, it's always a good idea to get quotes from a few installers. To make sure you find a trusted and reliable solar installer near you that offers competitive rates, visit this site Energy SageA free service that makes it easier for you to use solar energy. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to doing it on your own. Plus, it's free to use, and you won't receive sales calls until you select an installer and share your phone number with them.

It's easy to compare your custom solar quotes online and you'll have access to unbiased energy consultants to help you every step of the way. Get started here. -advertisement*